Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We approach this one with humility and a little discomfort. Charlie likes to say there are three baskets on his desk: "In," "Out," and "Too Hard." A great many wonderful-sounding businesses go straight into the "Too Hard" pile, and we have never lost a dime by leaving them there. Nebius is, in many respects, a "Too Hard" business — it sits at the bleeding edge of a technology whose economics are changing month to month, and it asks us to underwrite a decade of flawless execution at a price that embeds perfection. But the assignment is to render a verdict, so we shall. We will tell you plainly what we admire, what frightens us, and why — measuring this enterprise against the only yardstick we trust: Is this a wonderful business, run by able and honest people, available at a sensible price? On all three counts, and particularly the first and last, we come away unconvinced.
Recent filings analysed: 6-K (2026-08-12), 6-K (2026-08-12).
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